Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)7ITD739(Hyd.)
..... the last question relates to the claim that borrowed capital should be treated as part of capital base in reckoning relief under section 80j. by the finance (no. 2) act, 1980, with effect from 1-4-1968, section 80j has been amended retrospectively. but the retrospective nature of the amendment is pending adjudication before the supreme court. in such ..... learned counsel. we do not consider it necessary to repeat them. the argument of the revenue appears to be far-fetched for more than one reason : (i) section 2(31) of the act, no doubt, gives an 'inclusive' definition of 'person' as including 'an individual, a hindu undivided family, a company, a firm, an association of persons ..... india while the assessee acquired 6 crafts at a cost of rs. 13,23,87,579. investment allowance on all crafts and relief under section 80j of the income-tax act, 1961 ('the act') even on newly acquired crafts, though specifically admissible to ships, were disallowed by the ito on the ground that a dredger was not a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)7ITD905(Hyd.)
..... one set of the grounds of appeal contest the computation of relief available to the assessee under section 80j of the income-tax act, 1961 ('the act'). the ito had made the computation holding that the amendment made by the finance (no. 2) act, 1980, being retrospective, was applicable to the assessment year in question. the contention of the ..... increased investment allowance. regarding motor cars, the ito held that road transport vehicles were excluded from the benefit of investment allowance under proviso (b) to section 32a(1) of the act and, hence, the assessee was not entitled to the allowance because the statutory reserve originally created was only rs. 43,543 which was 75 per ..... the assessee but a higher deduction in respect of investment allowance became allowable from the total income as proposed to be computed by the ito under section 143 of the act. in this regard he stated : in effect the income-tax officer can permit the assessee to make good the deficiency in the reserve in a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD48(Hyd.)
..... morigageable or alienable rights' over their holdings. we also find that there is another old central enactment, agricultural produce (grading and marking) act, which in section 2(a) defined agricultural produce as under : " 'agricultural produce' includes all produce of agriculture or horticulture and all articles of food ..... part of agriculture. he pointed out that there were separate provisions for exempting poultry farming, etc. even in section 80p, dairy farming is separately provided. section 80jj of the act gives special concession to poultry farming.redundancy, he pointed out, cannot be presumed in a statute. he took ..... finance only those poultry farms which are 'jointly undertaken with agricultural operation' [clause 33(16)]. these rural banks themselves are refinanced through the state co-operative department by agricultural refinance corporation, a creature of the agricultural refinance (and development) corporation act which defines agriculture in section 2(a) of the said act as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD249(Hyd.)
..... 514 and, therefore, he directed the ito to allow the expenditure as claimed by the assessee fully.3. explanation 2 to proviso (b) under section 37(2a) of the income-tax act, 1961 ('the act') was inserted by the finance act, 1983, with retrospective effect from 1-4-1976 in which the term 'entertainment expenditure' was stated to convey the following meaning: for the removal ..... that the ito was not correct in view of the third proviso to sub-section (4) of section 80j introduced by the finance act, 1979, with effect from 1-4-1979.according to the said sub-section, the conditions to be fulfilled by an industrial undertaking to become eligible for deduction under section 80j, it must have begun to manufacture or produce articles within a period .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD511(Hyd.)
..... the relief, explains the scope of this relief in para 14(1) of such instructions: 14.1 the finance (no. 2) act, 1977 has introduced a new section 35cc under which companies and co-operative societies will be entitled to a deduction in the computation of their taxable profits of the expenditure incurred by them ..... of hyderabad against the order of the commissioner (appeals) for the assessment year 1979-80.3. the next ground relates to the claim of the assessee under section 35cc of the income-tax act, 1961 on a programme approved by the prescribed authority. the total amount expended was rs. 4,56,898. tee ito disallowed rs. 99,225 out of ..... main part of sub-section (1) of section 35cc reads: ... be allowed a deduction of the amount of such expenditure incurred during the previous year" instruction in circular no. 229 [f. no. 131/9/77-tpl], dated 9-8-1977--see taxrnann's direct taxes circulars vol. 1, 1980 edn., p.189--by rthe finance (no. 2) act, 1977, which introduced .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)9ITD422(Hyd.)
..... 1977-78. it includes interest paid on deposits of rs. 20,32,696. the ito applied the provisions of section 40a(8) of the income-tax act, 1961 ('the act') and disallowed interest thereon at 15 per cent. such disallowed interest worked out to rs. 3,04,904. ..... record that under what provision the maharashtra government released 81(sic) acres of land to the assessee-company. if section 3(1) of the forests act is entitled to have its full sway then the whole of the extent, viz., 705 acres, should be deemed ..... the open market on the date of creation of the mortgage, charge or pledge for the relevant loan; the ministry of finance addressed a letter to the assessee-company on 1-11-1980 as a reply to the assessee's letter dated 25-9- ..... above reasons, we are of the view that the deposit holders with the assessee-company were not charge holders within the meaning of section 40a(8), explanation (b)(ix). therefore, to our understanding the impugned deposits should be taken to be ordinary money deposits and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD473(Hyd.)
..... assessment on 28-1-1980, an amendment was made by the finance (no. 2) act, 1980, by introduction, with retrospective effect from 1-4-1968. of a new provision, section 80aa of the act, which reads as under: where any deduction is required to be allowed under section 80m in respect of any income by way of dividends from ..... 6. we have considered the rival submissions. while ihe ito made the assessment, the retrospective amendment was not in existence. the amendment was introduced by the finance (no. 2) act, 1980 with retrospective effect from 1-4-1968. when the retrospective amendment came into force, it was clear that on the dote the ito made the ..... of computation of income from such assets, the computation would have to be made wilder the speciic head of income enumerated under section 6 of the indian income-tax act, 1922, corresponding to section 14 of the act. the observations of the gujarat high court only reiterated the aforesaid proposition. thus, as far as dividend income is concerned, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)9ITD534(Hyd.)
..... not with reference to the aggregate amount of qualifying donations referred to in that sub-section. with a view to bringing out clearly the intention underlying this provision, the finance act has substituted a new sub-section for the existing sub-section (4) in order to clarify that the limits specified therein will apply with reference to the aggregate amount of the donations and not ..... conceding the assessee's claim with reference to the andhra pradesh high court decision. we may also point out that section 80g(4) has since undergone an amendment vide the finance (no. 2) act, 1980, making it clear that the ceiling in that sub-section also applies to donations (qualifying amount) and not to the deductions (eligible relief). the relevant part of the notes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)10ITD56(Hyd.)
..... 59,200 with various banks as under : the question that arises is whether these fixed deposits made would entitle the assessee to exemption under section 54e (1). section 54e was introduced by the finance (no. 2) act, 1977, with effect from 1-4-1978. the said provisions, therefore, applies to the transfer in question which was made on 22-7 ..... assessee sold certain properties in the accounting period and capital gains arose therefrom.according to the assessee, since certain investment of the type contemplated under section 54e (1) of the income-tax act, 1961 (the act) had been made, the assessee was entitled to exemption of capital gains. the ito, however, did not agree. we set out below ..... -1978. section 54e (1) and explanation 1(a) (vi) thereto as it stood in relation to the assessment year 1979-80 read as under : "54e. (1) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)10ITD365(Hyd.)
..... , he concluded that the expenditure incurred by the assessee on the foreign tour did not qualify itself to be an admissible expenditure under section 37(1) of the income-tax act, 1961 ('the act'), firstly, on the ground that the expenditure is not wholly and exclusively spent for carrying on of the assessee's profession and secondly ..... concepts as a vital safeguard against misunderstanding. thirdly, there is the converse situation of an indian lawyer with local clients who are engaged in international trade or finance where foreign counsel will be retained to handle most legal problems arising abroad. here it will be necessary for the indian lawyer to know enough foreign law ..... opportunity to know the advances made by astrology in those countries. the expenses he had incurred for foreign tour were claimed as deduction under section 10(2)(xv) of the 1922 act. the ito held that the expenditure was not laid out wholly and exclusively for the purposes of the assessee's business. however, the .....
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